You just don't get shows like Newsradio anymore. Look at all the good shows NBC had at the time on their comedy lineup (Seinfeld, Frasier, Newsradio, even Friends) and now, outside of 30 Rock, it's all a mess.
This was just another genius episode from this brilliant program. Phil Hartman, arguably SNL's funniest castmember ever, was at the forefront of tonight's storyline, which was a recipe for success as he ended up in a mental institution.
A lot of people did not like Jon Lovitz joining the cast of the show full time for Season 5, but it's episodes like this that show the man could still be funny.